Prostatis Group LLC Sells 7,832 Shares of 3M (NYSE:MMM)

Prostatis Group LLC lowered its stake in 3M (NYSE:MMM - Free Report) by 74.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,651 shares of the conglomerate's stock after selling 7,832 shares during the period. Prostatis Group LLC's holdings in 3M were worth $342,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Life Planners acquired a new stake in shares of 3M in the fourth quarter valued at approximately $25,000. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M in the fourth quarter valued at approximately $27,000. Pinney & Scofield Inc. acquired a new stake in shares of 3M in the fourth quarter valued at approximately $28,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of 3M by 230.1% in the fourth quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate's stock valued at $40,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president now directly owns 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

3M Stock Up 0.7%

NYSE MMM traded up $1.02 during trading hours on Thursday, reaching $149.68. 2,621,422 shares of the company's stock were exchanged, compared to its average volume of 3,961,563. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $80.55 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company's 50-day moving average is $141.44 and its two-hundred day moving average is $140.56. 3M has a one year low of $96.89 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 23rd will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. 3M's dividend payout ratio is presently 36.87%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America raised their price target on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Royal Bank of Canada lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Finally, Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $152.08.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.